Juel Group’s €32 million bond issue has been fully subscribed and admitted to the Malta Stock Exchange, with trading in the bonds commencing last week.

The funds raised from the 5.5 per cent secured bonds, maturing in 2035, will largely be used to complete the construction and finishing of a new hotel set to open in Swieqi, operated under the Hyatt Centric brand.

The new hotel will be situated on Santu Wistin Street, Swieqi, across the road from Bay Street Group's recently opened Hyatt Regency.

It will feature 187 hotel rooms, spread over nine floors, of which 27 rooms are interconnected, a spa, indoor and outdoor pool facilities on the 10th floor, a restaurant and lounge.

Planning approval has already been obtained and work on the site, formerly containing two villas, began in April 2023.

Juel Hospitality said it believes that the hotel, once constructed, “shall be a strong contender in the local hospitality market”, noting that “the location of the hotel is largely popular with tourists given the availability of restaurants, beaches, and nightlife in close proximity”.

By 2027, the hotel is expected to generate gross operating profit per available room (GOPAR) of €22,000, according to the company, which added that the core management team has yet to be employed given the time left until construction is completed.

As per Juel Hospitality’s prospectus, the Hyatt Centric brand was introduced in 2015 “with the aim of providing a more simplistic and tailored approach aimed at business and leisure travellers, through the operation of various hotels in some of the world’s most popular cities, including Montreal, Hong Kong, Dublin, New Delhi, Madrid, and New York.”

The Hyatt Centric brand seeks to target modern explorers who want “a full-service hotel with minimum fuss” which provides the necessary comforts in a less formalistic and uncomplicated manner.

“Hyatt Centric brand hotels are characterised by fun and eclectic interior design which focuses on the uniqueness and characteristic features of a hotel’s location.

About Juel Group

Juel Group is owned by Adrian Muscat.

Apart from Juel Hospitality and Juel Holdings, Juel Group is the parent company of Muscat Holdings and Muscat Holdings II, which own investment properties in St Julian’s, Birkirkara, Kappara, Mġarr, Naxxar and Marsaskala.

Muscat Holdings II also owns a 49.99 per cent shareholding in ACMUS Group, a joint venture with The Ona Property Development Ltd.

Juel Group is also a shareholder in GAP Group Investments with 33.3 per cent of the company of which Mr Muscat’s father, George Muscat, is executive chairman.

George Muscat is also the ultimate beneficiary owner of 50 per cent of Bay Street Group, which includes the Hyatt Regency Malta and be.Hotel among its holdings, located metres away from the new Hyatt Centric development.

Adrian Muscat has led the project team responsible for on-site management of the projects undertaken by GAP Group since 2001, and as an indirect minority shareholder of Bay Street Group, regularly attends executive team meetings of the be.Hotel and the Hyatt Regency Malta for the purposes of reviewing the operational performance of both properties and determining the development strategy thereof.